Why do I get the feeling that on July 15, 2022, we're going to wake up to a Breitbart headline with GOP breathlessly irate that the president was asleep at the wheel and that the American public was never warned that there would be shortage of oil, sort of like their breathless faux anger that mothers were never warned of a baby formula shortage .
Russia, post Putin's War
- The war: a race against time.
- Russian economy will implode summer of 2022.
- Inevitable decline of its oil industry.
- Putin's War will set back Russia fifty years.
PARIS—Western pressure on Russia over the invasion of Ukraine lowered the country’s crude-oil output by 9% in April and reshaped the global oil market as Russia sought new buyers for its production outside the West, the International Energy Agency said.
Russia’s lost supplies amounted to 900,000 barrels a day in April and are expected to grow by a further 600,000 barrels a day this month—totaling around 1.5% of the world’s oil output when the invasion began. An oil embargo being considered by the European Union, the biggest destination for Russian crude, would likely push those losses to as much as 3 million barrels a day from July, bringing Russian oil production to its lowest level in nearly two decades, the IEA said in its monthly report Thursday.
The West’s response to the Russian invasion has scrambled the global oil market and hit Russia hard. European energy buyers have turned away from Russian diesel and other refined products, forcing Russian refineries to cut output and slash purchases of crude oil, the IEA said. India and Turkey have stepped in to become big buyers of Russian crude, allowing Russian exports to hold steady this year. But that hasn’t been enough to offset the drop in Russian domestic demand for crude oil and the end of exports to the U.S. and the U.K., which have both imposed sanctions on Russian oil.
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